Most underwriters and lenders have their own set of rules but generally they all agree with each other.

So, my numbers look like this:$1,580/month income$400 "lease" payment to Owner$80 Lawn/Snow$60 Trash Pickup$90 Water/Sewer$125 Electric$125 Propane for Hot Water$150 Maintenance $250 Property Tax$50 InsuranceShould leave a net cash flow as-is of $250/month.

Hello @Wendy BlackMainly we will be looking for Multi Units.  4-8 unit buildings depending on the numbers.We really need to know the different areas in Phoenix that would be best to acquire properties.We are looking for properties that would have 1%-2% Rules, Cap Rates around 6%.  

@Justin Turner - you will need to ask the seller if they will take 2nd lien position since you don't have a 50% down payment.  

In a hot British Columbia market in the Fraser Valley of beautiful BC - what filters/rule of thumb should we consider when consider purchasing four older homes (tear down and build a good size 4-6 story apartment)?

Lastly what would the typical % of profit split be in a 50/50 investor equity split on a flip?

The basement must be at least 50% below grade when you are done so it doesn't count as adding more FAR to the building. 

What are your thoughts and general rules on large amounts of mold?

Look up the 50% rule, 2% rule, NOI, CoCROI, and cap rate.

If they aren't individually metered, two 50's should plenty but it's really a question for your plumber.